Cryptocurrency has been gaining a lot of traction over the past few years, with celebrities and CEOs alike investing in this new form of capital. Just this year, the likes of Mark Cuban, Ashton Kutcher, and even Wu-Tang Clan’s Ghostface Killah have all broken into the crypto market. For many, cryptocurrency and blockchain technology offer many benefits, ranging from fraud protection to simple convenience. However, there is one industry that could potentially benefit greatly from this digital coinage: the adult film industry.
While pornography and cryptocurrency may seem like an odd pair, in reality, it’s a match made in heaven. Due to their industry, porn actresses often run into the unique problem of not being able to spend their money on business-related services. According to Forbes, similar to the cannabis industry, banks’ antiquated morality clauses allow them to refuse to do business with those in the industry. This usually forces actresses to deal entirely in cash or use premium banking services with exorbitant fees. “The porn world is seemingly detached from the outside — the world of pornography exists in it’s own bubble,” wrote porn actress Janice Griffith in a blogpost on Medium. “Businesses can turn us down for any reason they see fit, including but not limited to banks and payment processors for content driven websites.”
The stigma against the porn industry has been problematic for actresses trying to conduct their businesses. However, it has also opened a new avenue for cryptocurrency. Griffith continues her blogpost: “The discrimination we face in dealing with payment processors seriously hinders the inherently innovative nature of our industry, and that’s why I’m so excited about SpankChain.” This new cryptocurrency venture, slated to launch on October 31, was developed specifically with the adult film industry in mind. SpankChain is a blockchain service built on the Ethereum platform. “Our belief is that payment channels are the key to near-term cryptocurrency adoption, and the adult industry is a perfect testing ground for creating parallel economies that transcend the inefficiencies of legacy banking institutions,” wrote Spanktoshi Nakabooty, the creator of SpankChain, in another blogpost. By removing the third party (banks, payment processors, etc), SpankChain’s use of smart contracts and advanced payment processing hubs would allow performers more control over their revenues. And, in a multi-billion dollar industry, it is even more critical that the workers receive their fair share.
This isn’t the first time crypto has turned to the porn industry. Tit Coin launched in 2014. Since then, KenCoin and SexCoin have also joined. The ventures have had moderate success, which bodes well for SpankChain, who has already begun working with famous porn actresses to promote the new endeavor. Their ICO is scheduled for Halloween, the goal being to raise their first round through token sales to fund their longer-term goals of building their own crypto-run camsite operation. These new ventures make clear that the horizontal integration of cryptocurrency has breached a diverse variety of industries and will continue to do so. The general benefits that the average person can gain with crypto, as well as industry-specific advantages, prove that the digital dollar is here to stay.